Situation:

Asset Based Lending recently funded a hard money property purchase loan in St. Petersburg Florida. The borrower is a repeat borrower and full-time real estate investor. The property was purchased for $550,000 with the total loan funded at 83% LTC and 75% LTV. This property is a recently renovated single-family 4-bedroom, 2-bathroom measured at a total 2,016 square feet on a 7,426 square foot lot. Home will receive fresh coat of paint, but otherwise no work required. Borrower is expecting to sell the property within four months of deal closing.